Kingdom Trust Joins the OTCXN Network
OTCXN, a blockchain-powered capital markets infrastructure company, announced that it has signed Kingdom Trust to serve as a neutral, third-party custodian of assets for trading entities and exchanges that use OTCXN technology to facilitate clearing and settlement of OTC block trades and cross-exchange trading. Kingdom Trust is the first regulated financial institution to offer qualified custody for digital asset investments like Bitcoin and Ethereum, with more than $12 billion in custody.
The biggest problem for institutions in the cryptocurrency space prior to OTCXN’s launch has been the lack of a clearing and settlement solution that eliminates trading counterparty and settlement risk while connecting all global liquidity providers and exchanges. OTCXN’s multi-custodian solution solves this problem and delivers global liquidity access with a single account at the preferred custodian of a trading desk or exchange. Kingdom Trust will play a key role in supporting the expansion of the OTCXN network by providing clients with safe and capital efficient access to this global liquidity through OTCXN’s market leading trading platforms.
“We are extremely pleased to have Kingdom Trust on board and using OTCXN’s Custodian Desk platform to support our mutual institutional clients that trade digital assets such as cryptocurrencies over OTCXN’s unique network. Kingdom Trust is one of only a few regulated US entities that offers stand-alone custody services in both Fiat and Cryptocurrencies. They stand out for their integrity, experience, state-of-the-art infrastructure and client asset protection,” stated Rosario M. Ingargiola, CEO and Founder of OTCXN.
Kingdom Trust is an independent qualified custodian with a decade of experience in the alternative asset space. As a regulated trust company, Kingdom Trust offers a regulatory compliant environment, including AML/KYC, for both domestic and international clients. Kingdom Trust takes a holistic risk management approach to its assets, combining robust segregation of responsibilities with cold storage, backed by insurance for assets held.
“By partnering with OTCXN, Kingdom Trust will be able to offer its clients the best of both worlds, i.e., the ability to 'trade hot, store cold.' The OTCXN platform, its network, and partners will offer the power of rapid liquidity to clients and markets where that has been in short supply. The combined solution leverages technology to eliminate counterparty and settlement risk, delivering benefits for all participants in the ecosystem. We are excited to play a role in this transformative approach,” said Matt Jennings, CEO of Kingdom Trust.
Unique Solutions for Custodians
OTCXN provides custodians with a proprietary blockchain-based solution for trading cryptocurrencies and other assets without counterparty and settlement risk. The solution allows custodians, at their clients’ request, to create blockchain ledger entries backed by their assets to the OTCXN platform. Once the assets are digitally reflected on the OTCXN network, they can be freely traded with any other counterparty on the network. The solution provides continuous net settlement reporting, with point-in-time snapshot features and workflow tools to support periodic net settlement movements between custodial accounts.
Unique Solutions for Institutional Trading Desks and Exchanges
Clients will access Trade Desk with an OTC Block Trading platform, which allows for institutional RFQ-based trading with any other counterparty on the network, all of whom have cleared applicable AML/KYC requirements. Trades on OTCXN execute as an atomic exchange of provable assets on the custodial blockchain ledgers in real-time, for instant clearing and settlement, with underlying assets held at the custodian, and crypto assets remaining in cold or deep cold storage. This approach to trading crypto assets that remain in cold storage, besides exponentially increasing transaction speeds, also minimizes information leakage for large OTC trades that would otherwise get recorded on the public Blockchain on a trade-by-trade basis.
Later this year, OTCXN will be launching its high-performance matching engine, LiquiMatch, as both a Dark Pool and Central Limit Order Book-style exchange for cryptocurrencies. Clients of custodians on the network will be able to access liquidity across all OTCXN trading platforms via a single account. In addition to handling native orders, LiquiMatch aggregates external exchange liquidity that is tradable without placing assets at the underlying exchanges.
OTCXN will also be introducing support for custom settlement times such as end-of-day or T+1 to support the needs of some of the largest liquidity providers. Additionally, OTCXN will be opening up its network to third-party credit and collateral providers that can provide leverage financing for institutional traders' positions, both long and short, through the provision of margin loans, coin repos, and other financial products.
OTCXN’s Solution Scales Crypto Markets
The OTCXN solution has strong appeal to custodians that hold crypto assets for institutional clients because the cryptocurrency is always held in deep, cold storage, rather than being held at an exchange or being in flight, as it is when traded over-the-counter. The OTCXN approach significantly increases safety for institutional clients and reduces administrative overhead for custodians with clients engaged in active trading. An immutable record of all transactions on a proprietary blockchain layer brings transparency and provability to facilitate the audit, fund administration and regulatory requirements of institutional clients.
“What we have created is an institutional-grade Layer 2 network, like Lightning Network, except that it operates across all crypto assets and at institutional scale and capacity,” says Ingargiola. “You simply cannot scale the crypto markets to institutional levels without removing public ledger transactions from the real-time trading critical path. OTC trades between counterparties on opposite ends of the globe are done, cleared and settled in less than a second – 1,000’s of times faster than any other platform and without any initiator risk,” said Ingargiola.
“Current crypto exchanges are true islands of liquidity that OTCXN bridges for the first time by facilitating cross-exchange trading, clearing and settlement via a single account at a custodian on the network. The technology that makes this possible eliminates holding assets at each underlying exchange, removing counterparty risks and capital inefficiencies that represent barriers to institutional adoption, as well as scaling institutional trading volumes,” added Ingargiola.
Any exchange can join the OTCXN network by placing a portion of client assets at a custodian such as Kingdom Trust.
OTCXN previously announced that it had completed the world’s first live trades of digitized US dollars for digitized Bitcoin, which cleared and settled instantly as an atomic exchange of assets with no initiator risk to either party, and where the underlying assets were held by a third-party, neutral custodian.
OTCXN is a capital markets infrastructure company using asset digitization, proprietary blockchain technology, real-time collateral management and an array of institutional trading platforms to organize global liquidity and make it tradable via a single account at a custodian on the network. OTCXN has developed the first technology platform that eliminates counterparty and settlement risk without the use of balance sheet and credit, and without becoming a counterparty to transactions. For more information, visit www.otcxn.com and @OTCXN.
Lawrence Litzky, 415-636-9041
Head of Communications
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
AMRA Receives U.S. FDA Clearance for AMRA® Profiler, a Magnetic Resonance Diagnostic Software Application Enabling Non-Invasive Evaluation of Body Composition11.12.2018 14:28 | Tiedote
AMRA Medical (“AMRA”), the international leader in body composition analysis, announced today that it has received FDA clearance for AMRA® Profiler, now available for use in a clinical setting in the US. AMRA® Profiler is indicated for use as a magnetic resonance (MR) diagnostic device for non-invasive fat and muscle evaluation that enables the generation, display and review of MR-based body composition measurements. AMRA is the first in the world to transform MR-images from a 6-minute whole-body MRI scan into 3D-volumetric fat and muscle measurements, enabling outstanding accuracy and precision when assessing volume and distribution of fat and muscles, as well as metabolic status. “We are delighted with the FDA’s decision. The challenges facing healthcare systems across the world are well-documented. Cost constraints, together with societal issues such as obesity and an aging population, are putting hospitals and private clinics under increasing pressure,” stated Eric Converse, CEO of
Acuris Risk Intelligence Celebrates 350 Direct Customers and Wins Compliance Awards11.12.2018 14:00 | Tiedote
Acuris Risk Intelligence, a trusted and independent provider of data intelligence for Anti-Money Laundering, Third Party Risk and Cyber Security professionals, today announces that it now serves 350 direct customers worldwide, helping them to mitigate risk and effectively comply with regulations. This significant milestone nearly doubles its direct client base compared to this time last year and is only two months since the relaunch of the brand, formerly known as C6. Whilst the business has been successful since its inception in 2004 in selling its data via major channel partners, this is a noteworthy milestone as it reflects the success of focusing on direct customer outreach. The business continues to work with some of the biggest compliance platforms in the world as an integrated provider. Acuris Risk Intelligence has also won FinTech/RegTech Rising Star and Best Financial Crime Intelligence Data at The Compliance Register Platinum Awards 2018 as well as executing a successful expa
Wound Care: Nexodyn® AOS Comes to Fruition in Slovakia11.12.2018 13:30 | Tiedote
Nexodyn® AcidOxidizing Solution (AOS), the Tehclo-based product for acute and chronic wound management, is now available in Slovakia, promoted and commercialized by the pharmaceutical companies Evopharm and Sanomed, pursuant to an exclusive partnership with the Swiss pharma company APR Applied Pharma Research s.a. (“APR”). After Slovakia, in early 2019 Evopharm will expand the distribution of the product first to Poland, where the registration is currently being completed, and then to Czech Republic. As confirmed by the results of pre-launch activities, Evopharm is confident that Nexodyn® AOS, based on APR’s proprietary and patented technology Tehclo®, can offer to Slovak Healthcare Professionals (“HCPs”) and caregivers a new treatment option to effectively address the wound healing complexity. Local KOLs, involved in an Advisory Board, got particularly impressed from the distinctive physico-chemical properties of this product, able to create the ideal microenvironment to sustain the p
Kao Data Invests in euNetworks High Density Fibre as Part of a North London Artery11.12.2018 12:07 | Tiedote
Kao Data, the home of innovation and UK’s leading entrant to the wholesale colocation market, has announced it is working with euNetworks, a Western European bandwidth infrastructure provider. This enables the delivery of high-density fibre and duct to the Kao Data, Harlow based data centre campus north of London. The new infrastructure provides unique routing opportunities, taking advantage of Harlow’s strategic location between core hyperscale campuses in Dublin and Amsterdam. It also offers fast connection to Slough, to the West of London, and Docklands in the East of London. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181211005308/en/ Kao Data Invests in euNetworks High Density Fibre as Part of a North London Artery (Photo: Business Wire) As the UK continues its strong position in the international data centre market, a series of significant investments in high-density fibre routes are underway to support hyperscale d
Spirent Helps High-Speed Setup For Aston Martin Racing11.12.2018 11:00 | Tiedote
Spirent Communications plc (LSE:SPT), the world leader in test, measurement, assurance, and analytics solutions for next-generation devices and networks, today announced that Aston Martin Racing (AMR) is using its Test as a Service (TaaS) platform, iTest, to assist the iconic automotive brand’s bid for FIA World Endurance Championship GTE category success. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181211005239/en/ Spirent's technical partnership with Aston Martin Racing has dramatically reduced the team's high-speed LAN test and set-up time at FIAWEC events. (Photo: Business Wire) Aston Martin Racing deploys a high-speed local area network (LAN) trackside to connect team drivers and cars with the pit crew, engineers and managers on pit lane, to carry radio communications, telemetry and video data. The FIAWEC Super Season includes some of the world’s most grueling tests of driver and car – including the famous Le Mans 24
WaveOptics Raises $26m to Scale Business and Support International Expansion in Its First Stage of Series C Funding11.12.2018 11:00 | Tiedote
WaveOptics, the world leading designer and manufacturer of diffractive waveguides for use in Augmented Reality (AR) wearables, has raised $26 million (£20m) from existing shareholders and new investors. The capital raised will be used to scale up the business operations on a national and international basis. This round was led by Octopus Ventures, one of WaveOptics’ largest shareholders and one of Europe’s most prominent venture capital firms. The fundraise was supported by other existing shareholders including IP Group, Robert Bosch Venture Capital and Gobi Partners, as well as new investors Goertek and Optimas Capital Partners. David Hayes, WaveOptics CEO, commented: “We have made excellent progress over the last year with our high performing, manufacturable, and versatile waveguides. We are now working with a wide range of leading global OEMs and ODMs as they ramp up the development of their products. “These additional funds will enable us to scale up rapidly around the world, parti
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme